Guideline Value for Sastha Nagar 1st Street

Sastha Nagar 1st Street guideline value

The current guideline value of Sastha Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village, under the Virugambakkam SRO, and is classified as Residential Class II Type - II.

How the guideline value of Sastha Nagar 1st Street has changed

The guideline value for Sastha Nagar 1st Street has undergone several revisions over the years. In 2002, the guideline value was Rs 233 per sq.ft, which increased to Rs 254 per sq.ft in 2003. Following this, the value rose significantly to Rs 400 per sq.ft in 2007, marking a 57% increase. The value then saw a substantial jump to Rs 3,000 per sq.ft in 2012, reflecting a 650% increase. However, it decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The guideline value then rose to Rs 3,000 per sq.ft in 2023, before reaching the current figure of Rs 3,300 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

There are no figures available for the revisions in years not listed, and the overall change from 2002 to 2024 shows an increase of 1,316% in the guideline value.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 3,850 per sq.ft, positioning Sastha Nagar 1st Street's current value below this median.

• Sastha Nagar 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Sastha Nagar 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Sastha Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Saraswathi Ramakrishnan Street: Rs 4,400 per sq.ft (2024)
• S.B.I.Colony First Street: Rs 3,850 per sq.ft (2024)
• S.B.I.Colony Main Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Sastha Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, this would total Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for a more detailed estimate.

Which Sub Registrar Office covers Sastha Nagar 1st Street?

The Sastha Nagar 1st Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Valasaravakkam

The guideline value is a crucial factor in the registration of property transactions in Valasaravakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property, which can influence negotiations and final sale prices. It is essential for buyers and sellers to be aware of the current guideline value to make informed decisions during transactions.

Frequently asked questions

What is the current guideline value of Sastha Nagar 1st Street?

The current guideline value of Sastha Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 233 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1,316% over this period.

What is the registration office for Sastha Nagar 1st Street?

The registration office for Sastha Nagar 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What are the stamp duty and registration fees for property in Sastha Nagar 1st Street?

For a 1,000 sq.ft plot at the current guideline value, the total guideline value is Rs 33,00,000, with stamp duty at 7% amounting to Rs 2,31,000 and a registration fee at 2% of Rs 66,000, totaling Rs 2,97,000.

How does the guideline value affect property transactions?

The guideline value is used to determine the minimum value for property registration, impacting the stamp duty and registration fees. It ensures that both buyers and sellers are aware of the official valuation, which can influence the transaction process.